The main sources of law in winding up are statute backed insolvency rules. The law of equity does not play a strong role in winding up. Listed below are the sources of law on winding up and their relevance.
Insolvency Act 1986
The main soucre of law is the Insovency Act 1986. This act came into force on 29 December 1986 but due to Schedule 11 of the Insolevncy Act 1986 all winding up petitions, even those commenced before, are governed by the Insolvency Act 1986. This act applies to England and Wales as well as Scotland but does not apply to Northern Ireland.
Insolvent Partnership Order 1994
This legislation applies to the winding up of partnerships in particular. It came into force on 1 December 1994. It is often described a a difficult piece of legislation which is complexly drafted. The Insolvent Partnership Order 1994 applies to England and Wales but does not apply to Scotland and Ireland.
Insolvency Rules 1986
This source of law deals with compulsory winding up petitions as well as Company Voluntary Arrangements (CVAs), administration and administrative receivership. The Insolvency Rules are often referred to as ‘The Rules’. This source of law applies to England and Wales but does not apply to Scotland and Ireland.
UNCITRAL Model Law
The term ‘model law’ is used to describe a leglislative document States are recommended to adopt. Therefore the courts have no treaty obligation to consider the UNCITRAL but may do so if they wish. However the Cross Border Insolvency Regulations 2006 have been made to give effect to the UNCITRAL Model Law.
Regulation (EC) No 1346/2000
This source of law assists when allocating jurisdiction for insolvency proceedings including winding up proceedings, administration and voluntary arrangements. This Regulation does not apply to insolvency proceedings opened before 31 May 2002. Regulation (EC) No 1346/2000 applies to all States of the EU excluding Denmark.
Civil Procedure Rules 1998 (CPR)
The Civil Procedure Rules 1998, generally, do not apply to insolvency proceedings. This is because insolvency proceedings are significantly different from other litigation, the questions raised in such proceedings not only affect the parties to the case but other wider parties in particular the financial interests of creditors other than the petitioning creditor.
Winding up expert lawyers
We are a specialist City of London law firm made up of Solicitors & Barristers and based in the Middle Temple Inns of Court adjacent to the Royal Courts of Justice. We are experts in dealing with matters surrounding insolvency. We will be able to offer your company a fixed fee service to make a Validation application to the Companies Court at the Royal Courts of Justice (Rolls Building), or the relevant High Court District Registry or County Court with jurisdiction. Whilst we are based in London we provide national coverage across all Courts in England & Wales. We offer free initial telephone advice on winding up matters.
Our Winding-Up Experts are able to give specialist legal information and advice relating to winding up matters and connected applications. To contact one of our Solicitors or Barristers please click here or call 0845 8622 529.